Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
USD/CHF: bears are winning
2019-11-11 • Updated
Recommendation:
SELL 0.9585 SL 0.9630 TP1 0.9510 TP2 0.9475
On the daily chart, USD/CHF failed to overcome resistance at 0.9765. This points at buyer’s weakness. If bears manage to settle above 0.9650 and trigger Gartley pattern, risks of decline towards the lower border of the downtrend channel will increase.
On H1, USD/CHF keeps forming “Widening wedge”. A break of support at 0.9585 will end the process (point 5) will strengthen the odds of a pullback to 78.6% and 88.6% of the last bullish wave.
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The big stategic picture remains bullish for euro against all currencies
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
How about CHF/JPY?
CHF/JPY retraced 61.8% of its August-September decline, corrected down, formed a higher low above the 100-day MA and now seems eager to rise to the 78.6% Fibonacci level at 116.90.
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